{"id":19891,"date":"2020-01-14T12:10:24","date_gmt":"2020-01-14T12:10:24","guid":{"rendered":"https:\/\/smh.group\/?p=19891"},"modified":"2023-02-15T13:19:49","modified_gmt":"2023-02-15T13:19:49","slug":"new-government-new-tax-targets","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/new-government-new-tax-targets\/","title":{"rendered":"New government, new tax targets?"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><strong>How\nwill the new government affect your financial planning?&nbsp; <\/strong><strong>&nbsp;<\/strong><strong><\/strong><\/h3>\n\n\n\n<p>December\u2019s general election delivered a Conservative government with the\nsort of majority which consigns the knife-edge parliamentary battles of recent\nyears to the past. So what will the new government do, apart from \u201cget Brexit\ndone\u201d?<\/p>\n\n\n\n<p>A look at the\nConservative manifesto, easily the shortest of the three main parties, gives\nsome limited clues.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Income tax <\/strong><\/h4>\n\n\n\n<p>There was a promise of no increases to <strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/chartered-accountants\/taxation\/income-tax-national-insurance\/\">income tax<\/a><\/span><\/strong> <em>rates<\/em> \u2013 although it is worth remembering that this does not extend to Scotland and Wales, which can both set their own rates. While Boris Johnson had talked about an \u00a380,000 higher rate threshold during his campaign to become party leader, this idea did not reach the manifesto.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>National Insurance Contributions (NICs) <\/strong><\/h4>\n\n\n\n<p>A no rate increase promise also applies to <strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/chartered-accountants\/taxation\/income-tax-national-insurance\/\">NICs<\/a><\/span><\/strong>, however, this may prove difficult to square with the abolition of class 2 self-employed contributions, which has been regularly deferred. The manifesto also promised an increase in the national insurance threshold to \u00a39,500 in 2020\/21 from the 2019\/20 level of \u00a38,632. That is worth a theoretical maximum saving of \u00a3104 a year for an employee (and \u00a378 for the self-employed). The true saving is smaller, as the threshold would have risen to \u00a38,788 through normal inflation linking. The manifesto expressed an \u2018ultimate ambition\u2019 \u2013 with no date specified \u2013 to raise the threshold to \u00a312,500 (matching the current personal income tax allowance).<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Social care<\/strong> <\/h4>\n\n\n\n<p>After the problems Boris Johnson\u2019s predecessor encountered on this topic during her election campaign, the manifesto (and Queen\u2019s Speech) gave few clues beyond a commitment to build a cross-party consensus to solve the problem of funding social care. One condition of that solution would be that nobody needing care should be forced to sell their home to pay for it. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Corporation tax<\/strong> <\/h4>\n\n\n\n<p>The <strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/chartered-accountants\/taxation\/corporation-tax\/\">Corporation Tax<\/a><\/span><\/strong> rate cut from 19% to 17%, which was legislated to take effect from April 2020, will no longer happen. <\/p>\n\n\n\n<p>The change in the NICs threshold represents over two-thirds of the tax cuts promised in the manifesto over the next four tax years. The financial picture should be made clearer in March, when the long-overdue Autumn Budget will now be delivered. In the meantime, if you want to see your tax bill fall, the solution looks to be in your own hands, not the Chancellor\u2019s. <\/p>\n\n\n\n<p>To discuss your <strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/financial-services\/\">financial planning<\/a><\/span><\/strong> with one of our Financial Advisers contact us today on <strong>0114 266 4432<\/strong> or <strong><span style=\"text-decoration: underline;\"><a href=\"mailto:info@smhca.co.uk\">info@smhca.co.uk<\/a><\/span><\/strong><\/p>\n\n\n\n<h6 class=\"wp-block-heading\"><em>Tax laws can change. The Financial Conduct Authority does not regulate\ntax advice.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>How will the new government affect your financial planning? <\/p>\n","protected":false},"author":4,"featured_media":16744,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[16],"tags":[183,180,451,373,77,452,190,21,227,449,19,450],"class_list":["post-19891","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-services","tag-brexit","tag-budget","tag-conservatives","tag-corporation-tax","tag-financial-planning","tag-general-election","tag-government","tag-income-tax","tag-national-insurance","tag-social-care","tag-tax","tag-tax-law"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>New government, new tax targets? 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